Levante claim they have been priced out of a move for Aston Villa defender Olof Mellberg.
The club are looking to make a splash in the Spanish top flight, having secured promotion last term, and they had identified Swedish defender Mellberg as a potential recruit.
It is believed that Levante had reached an accord with Mellberg, but Villa have refused to shift in their valuation of the defender and the Spaniards will now explore other avenues.
"The key to it all was money," said Levante sporting director Manuel Salvador. "The English club refused to accept our offer and it is now all over."
Real Zaragoza's Brazilian stopper Alvaro is the man set to step in, with the 28-year-old poised to seal a move this week.
"I am looking to achieve success in my three years at Levante," said Alvaro.